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Bourses trim some gains in late afternoon session
Jan-31-2025

Indian equity markets trimmed some of their gains but continued to trade in green in late afternoon session. Traders took note of report that Economic Survey, tabled by union finance minister Nirmala Sitharaman projects India’s gross domestic product (GDP) growth in the range of 6.3% to 6.8% for the financial year (FY) 2025-26. Sector wise, insurance sector remained in focus as Irdai has directed insurers not to increase health insurance premiums for senior citizens by more than 10 per cent in a year. Irdai has issued the direction after noting that there has been a steep increase in premium rates under some of the health insurance products offered to senior citizens (age 60 years and above).

On the global front, Asian markets were trading mostly in green following encouraging earnings updates from Apple and Intel. European markets were trading higher after the European Central Bank delivered a widely expected 25-basis point interest-rate cut and guided for a further reduction in March due to concerns about economic growth.

The BSE Sensex is currently trading at 77285.41, up by 525.60 points or 0.68% after trading in a range of 76833.87 and 77549.92. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.20%, while Small cap index was up by 1.33%.

The top gaining sectoral indices on the BSE were Capital Goods up by 3.42%, Industrials up by 3.07%, Consumer Durables up by 2.25%, Power up by 2.09% and PSU was up by 2.01%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Nestle up by 4.25%, Larsen & Toubro up by 3.89%, Titan Company up by 3.40%, Maruti Suzuki up by 2.82% and Indusind Bank up by 2.81%. On the flip side, Bajaj Finserv down by 1.64%, Bharti Airtel down by 0.94%, ICICI Bank down by 0.87%, Kotak Mahindra Bank down by 0.35% and Bajaj Finance down by 0.33% were the top losers.

Meanwhile, Union Minister for Electronics & Information Technology, Railways, Information & Broadcasting, Ashwini Vaishnaw has said that India is all set to launch its own safe & secure indigenous AI model at an affordable cost. 

The Union Minister said that the Indian AI model is a timely step as India is a trusted nation among the comity of nations & therefore it will help India emerge as a more reliable technological powerhouse of ethical AI solutions in the days to come. Backed by a high-end common computing facility, the India AI mission is now closer to customizing indigenous AI solutions for the Indian context using Indian languages. 

Besides, Vaishnaw said that scientists, researchers, developers and coders are working on multiple foundational models in this regard & with the given pace, the Union Minister expressed hope that the Indian AI model is likely to be ready within 6 months. The Union Minister also said ‘Our Prime Minister’s economic thinking is very inclusive. He believes in making modern technology accessible to everyone to ensure the people at the bottom of the pyramid are economically empowered.’

The CNX Nifty is currently trading at 23444.50, up by 195.00 points or 0.84% after trading in a range of 23277.40 and 23530.70. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Tata Consumer up by 5.72%, Bharat Electronics up by 4.47%, Hero MotoCorp up by 4.44%, Larsen & Toubro up by 4.02% and Nestle up by 3.93%. On the flip side, Bajaj Finserv down by 1.58%, Bharti Airtel down by 0.96%, ICICI Bank down by 0.95%, JSW Steel down by 0.93% and Bajaj Finance down by 0.34% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite gained 76.41 points or 1.08% to 7,149.89, Nikkei 225 surged 58.52 points or 0.15% to 39,572.49 and Straits Times was up by 52.01 points or 1.37% to 3,853.08. On the flip side, KOSPI was down by 19.43 points or 0.77% to 2,517.37.

European markets were trading higher; UK’s FTSE 100 increased 30.56 points or 0.35% to 8,677.44, France’s CAC rose 27.78 points or 0.35% to 7,969.42 and Germany’s DAX was up by 12.39 points or 0.06% to 21,739.59.
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